Still seeking a major legislative victory, President Donald Trump and GOP lawmakers are rolling out a plan to overhaul the tax code for the first time in decades.

Aimed at simplifying the system, cutting taxes for the middle class and offering friendly rates to businesses, the plan from Trump and congressional Republicans hopes to speed up economic growth by presenting, as the president has labeled it, “a super competitive” tax structure to lure jobs to the U.S.

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"This is a once-in-a-generation opportunity, and I guess it's probably something I could say that I'm very good at," Trump said during remarks in Indiana. "I've been waiting for this for a long time. We're going to cut taxes for the middle class, make the tax code simpler and more fair for everyday Americans. And we are going to bring back the jobs and wealth that have left our country and most people thought left our country for good."

The framework is meant to serve as a template as Congress begins to develop legislation through committees.

Doubles the standard deduction for married taxpayers filing jointly to $24,000, and $12,000 for individuals.

Reduces the number of tax brackets for seven to three: 12 percent for the lowest income Americans, 25 percent for those in the middle and 35 percent for the wealthiest, while the highest-income taxpayers may pay an additional top rate. The summary says "typical families existing in the (current) 10% bracket are expected to be better off under the framework due to the larger standard deduction, larger child tax credit and additional tax relief that will be included during the committee process."

Repeals personal exemptions for dependents while increasing the child tax credit. It increases the income levels at which the CTC begins to phase out.

Cuts the corporate tax rate from 35 percent to 20 percent.

Limits the maximum tax rate for small and family-owned businesses to 25 percent.

Eliminates most itemized deductions, but keeps the deduction for mortgage interest and charitable deductions

Repealing the "death tax," or estate tax, as well as the alternative minimum tax.

Passing a version of the overhaul will be crucial for GOP senators after the failure to deliver on the longtime campaign promise to repeal Obamacare – a goal that was put on ice this week when a last-ditch proposal couldn’t gain enough Republican support.

The president will make his first major pitch on the plan Wednesday afternoon in Indianapolis, where Vice President Mike Pence formerly served as Indiana's governor. Democratic Indiana Sen. Joe Donnelly, whose up for re-election next year, will also join Trump in a bipartisan showing.

But one Democratic leader, Sen. Chuck Schumer, opposed the plan, labeling it "wealth-fare."

"It seems that President Trump and Republicans have designed their plan to be cheered in the country clubs and the corporate boardrooms," the Senate minority leader said from the floor Wednesday.

"[Republicans are] going to be in for a rude awakening as the American people are going to rise up against this. It's little more than an across-the-board tax cut for America's millionaires and billionaires."

Still seeking a major legislative victory, President Donald Trump and GOP lawmakers are rolling out a plan to overhaul the tax code for the first time in decades.

Aimed at simplifying the system, cutting taxes for the middle class and offering friendly rates to businesses, the plan from Trump and congressional Republicans hopes to speed up economic growth by presenting, as the president has labeled it, “a super competitive” tax structure to lure jobs to the U.S.